Science behind assigning date to your goals.
Yesterday I mentioned about writing your impossible looking goals and then assigning a date to them as in when you can achieve them.
There are multiple aspects to assigning a date to your goals which I wanna cover in this post one by one.
- Adding a date to your goals will add a sense of urgency and accountability.
I have seen many people sharing random days for random tasks. Example — I will start gym next month.
So if you will ask them the next day when you will start the gym, they will still say I will start next month.
Now instead of saying 29 days they still say next month. And so the next month never comes.
By adding a date to your tasks & your goals, you add accountability for yourself. And with every passing day you know one day is now gone from the calendar.
You will start valuing your day more than anything, and hence you will start achieving more out of your days since you know its value.
Also, the fact that your goal date is now real will add that much required urgency in you because of which you will become more aggressive in terms of hitting your daily targets that will lead to your big goals.
Before you move to point number 2… make sure you have written your impossible-looking goals and assigned a date to them. Not a month or year. But a real proper date.
- Do the maths
This is my favourite part of doing an online business.
I have seen a lot of people sending me emails and comments like “I want to earn a biIIion doIIars by end of next year”.
99% of them have no idea what they are writing.
It’s just a wish with no real plan. You cannot achieve your goals until you plan for them.
I believe till now you have written down your goals and also assigned a date to them. Now go ahead & plan for it as in how you can actually achieve them.
your target is to achieve a revenue of Rs 1 Crore in the next 12 months.
Let’s say your product p.rice is Rs10,000. So 1,000 saIes at Rs 10,000 will take you to your target of Rs 1 Crore.
But how about you introduce a 2nd level offering for your paid customers at let’s say Rs 30,000.
So now your plan can also be getting 600 customers at Rs 10,000 which will be Rs 60 Lakhs.
And then converting 134 of your customers to your 2nd level offering at Rs 30,000 which will be Rs 40 Lakh+.
So combined that will become Rs 1 Crore+. So the main target here for us is getting to those 600 saIes.
Because it’s easier to seII a 2nd level product to your own customers because they know you, trust you, and have received value from you already.
So 600 saIes in 12 months = 50 sales per month. Let’s say you do 8 webinars in a month to do your saIes (2 webinars per week).
So per webinar, you need to do approx 6 saIes each. Let’s say you are able to convert 3 leads out of every 100 (3% conversion ratio).
So you need to generate 200 leads per webinar. The lead cost will be approximately Rs 40.
So per webinar ad spend would be 200 leads * Rs 40 lead cost = Rs 8000.
And by doing 6 sales per webinar, you will generate an income of Rs 60,000 per webinar.
Now you might worry about spending Rs 8000 per webinar on ads if you are starting out.
You don’t need to worry about that. Start very slow. I also started very slowly.
Let’s say by investing just Rs 5000 per month on ads. Initially, your lead c.ost too will also come low.
Let’s say Rs 25 would be your lead cost in the beginning which will increase later on.
So you will be able to generate 200 leads in a month with a budget of Rs 5000 per month on ad spend and lead cost of Rs 25.
If you convert just 6 saIes at Rs 10,000 out of those 200 leads, you will generate an income of Rs 60,000 in a month with an ad spend of just Rs 5,000 in a month.
And then you can gradually increase your ad spend per month.
From here it is all gonna get down to improving multiple variables:
- working on different ad creatives & ad copy to decrease the lead cost.
- adding proper reminders to increase the webinar show-up ratio
- improving your webinar pitch to increase the number of saIes.
- adding more email follow-up sequence to convert more leads. Imagine if you are able to convert 4% of 5% of the leads
and so on….
Basically, an improvement can happen in every single stage of the funnel, and you can keep on experimenting & improving all these variables every single day.
And that’s how you can achieve any goal with a proper plan.
I just did the calculation in front of you with a random Rs 10,000 product.
More importantly, I just gave you a direction to think and how to plan the numbers.
Maybe your product/service charge is higher or lower. Apply the same concept with your product/service charge and come up with a plan for hitting your target.
The most important thing here is to make a PLAN. Don’t just write down random targets with random dates.
Create impossible-looking targets with an actual date and then back it up with a plan. And that’s how you will have a direction to think and go ahead.
P.S — I just mentioned above that maybe your product/service charge can be higher or lower.
Of course, no way your service charge can be lower. Your product price can be. But not the service charge because that involves your manual time.
Pricing your product/service is a very critical aspect of your online business. I will be sending my next email to you tomorrow in which I will talk about this topic.
P.P.S — In this email you just learned how to plan your goals. Now make sure this learning should not go waste.
Sit down right now and make a plan for your goals immediately. And also send it to me as a reply to this email to keep you accountable.
And then wait for my next post tomorrow in which I will talk about pricing your product/service.
Share this valuable information with your friends.